Abstract: Competitiveness is the order of the day and benchmarking as a tool helps companies to position themselves in the market place. Decision makers are persistently on the lookout for techniques to facilitate quality enhancement. Benchmarking, in the recent times occupies a prominent place, helping quality up gradation. Benchmarking is imperative for performance and the study highlights the diverse crucial aspects of benchmarking process, which proves essential for successful implementation. This study demonstrates benchmarking as a basis of competitive positioning and shares valuable information from managerial personnel on benchmarking. In this paper, the authors have reviewed benchmarking literature and sought responses from managerial personnel to facilitate researchers and academicians to take a closer look at the expansion, progression and application of benchmarking.